Tim Bradford
Lending Specialist
216-324-8113
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Tim Bradford |
Articles and Information from Tim Bradford |
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Wed, Nov 19, 08
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| Ohio Home Loans - 100% Financing with Rural Home Loan Program |
Some information presented here is out of date. Call Tim Bradford for current information.
For those that have not heard about the Ohio USDA Rural Home Loans, you may want to look at the program because it allows 100% Financing and there is no Monthly Mortgage Insurance.
If your household income is below those shown in this table and you are considering a home purchase outside of a major metropolitan area, you should check out the Ohio USDA Rural Home Loan Program.
In Ohio, visiting http://www.firsttimebuyers-mortgages.com for additional information. For out of state buyers or realtors, please use the USDA link at the bottom of this page.
Rural Home Income Limits Cleveland MSA
Cleveland MSAIn order to qualify for the Rural Home Loan program your income needs to be below these income levels if the property is located in the Cleveland MSA. The Cleveland MSA covers most of the Northern Ohio market Area. If the property is out of the Northern Ohio Area, please call me. I will be glad to assist you. MOD.INC-GUAR.LOAN 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50000 57150 64300 71450 77150 82900 88600 94300 Base Income Limit for Ohio 49550 56600 63700 70750 76400 82050 87750 93400 Some Counties have higher Limits. If you are above these limits you may wish to look here to see all limits. Below is a map showing the eligible area for the Ohio Rural Home Loan Program. Below this initial map are one for some Northern Ohio Counties.
USDA - Rural Home Northern Ohio Area OHIO
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FHA TAKES STEPS TO BOLSTER CAPITAL RESERVES
New premium structure for 30- and 15-year loans will help private capital return
WASHINGTON - As part of ongoing efforts to strengthen the Federal Housing Administration's (FHA) capital reserves, FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. The upfront MIP will remain unchanged at 1.0 percent. This premium change was detailed in President Obama's fiscal year 2012 budget, also released today, and will impact new loans insured by FHA on or after April 18, 2011.
"After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA's capital reserves and help private capital return to the housing market," said Stevens. "This quarter point increase in the annual MIP is a responsible step towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes and lower down payments."
The proposed change was announced last week as part of the Obama Administration's report to Congress, which outlined the Administration's plan to reform the nation's housing finance system. The Administration's housing finance plan also recommended that Congress allow the present increase in FHA conforming loan limits to expire as scheduled on October 1, 2011.
This premium change enables FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) fund, which had capital reserves of approximately $3.6 billion at the end of FY 2010. The change is estimated to contribute nearly $3 billion annually to the Fund, based on current volume projections. It is vital that HUD take action to ensure that FHA will continue to serve its dual mission of providing affordable homeownership options to underserved American families and first-time homebuyers while helping to stabilize the housing market during these tough times.
On average, new FHA borrowers will pay approximately $30 more per month. This marginal increase is affordable for almost all homebuyers who would qualify for a new loan. Existing and HECM loans insured by FHA are not impacted by the pricing change.
FHA will continue to play an important role in the nation's mortgage market in 2011. President Obama's FY 2012 budget projects the FHA will insure $218 billion in mortgage borrowing in 2012. These guarantees will support new home purchases and re-financed mortgages that significantly reduce borrower payments.
Read FHA's Mortgagee Letter on this premium increase.
2/11/2011
One the Day after The State of the Union where Obama spoke of Frivolous Lawsuits, Dennis Kucinich has filed a $150,000 Suit against the House Congressional Cafeteria. Here is the Complete Story http://www.woio.com/Global/story.asp?S=13915948#
After hearing the story, I visited Kucinich's website to see if any mention was there about the Suit. I was not surprised to find nothing there.
The question I have is what can Social Media do about what appears to be a Frivolous Lawsuit?
I personally a tempted to mail him a Jar of Olives with a note expressing my sadness over the Pain he is suffering. Hopefully he would recognize the pain any unemployed or underemployed person in this country is experiencing.
This is a good reminder of some of the changes in the market. Gift funds could be allowed on a conventional purchase to cover the first 5% down payment. Also, do not count upon excluding a monthly debt with only a few payments remaining.
Fannie Mae rolls out new mortgage guidelines Monday. Therefore, if you’re in the process of applying for a conforming home loan, consider giving your complete application by the close of business Friday.
All Fannie Mae applications taken on, or after, December 13, 2010, are subject to the changes.As compared to mortgage guidelines updates of the last 3 years, Monday’s roll-out is relatively small. There is no change to the maximum debt-to-income ratio, for example; nor is there an increase in the minimum FICO score requirement.
Most mortgage applicants in Washington State and nationwide will be unaffected.
Others, however, will find getting approved to be more difficult.
The most major change is with respect to revolving and installment debt. This category includes credit cards, charge cards, and student loans, among others. Going forward:
1.Debt with fewer than 10 payments remaining must now be included in an applicant’s monthly obligations.
2.Debt not reporting a monthly payment must be assigned a payment equal to 5% of the outstanding credit balance.
These edits will raise applicants’ debt-to-income ratios, and may push some of them beyond the maximum allowable limits, resulting in a denial. People with relatively large car payments are especially susceptible.
Another change relates to receiving gift funds for a purchase. Unlike debt calculations, though, the “gifting” process is getting easier.
Under the new Fannie Mae guidelines, buyers of owner-occupied, 1-unit properties (i.e. single-family homes, condos, townhomes) can forgo Fannie Mae’s customary, minimum 5% downpayment contribution from personal funds. Downpayments can be comprised 100 percent of gifted and/or granted monies.
Buyers of second or investment homes, or multi-unit properties must still make a 5% downpayment from their own funds.
And, lastly, Fannie Mae is easing some of its documentation requirements. Salaried applicants from whom commissions and/or bonuses paid account for less than 25% of annual income will have fewer paystubs to produce for underwriting.
Fannie Mae’s complete guideline changes are available online at http://efanniemae.com.
Image c/o ecomparison.co.uk
If you have any questions, you can call me at 425.771.2095, email at chik@teamcq.com.
You are also welcome to follow me on at http://twitter.com/chikquintans and join the conversation anytime.
This is good information for consumers considering a Mortgage Modification. Please read this post and also the READ MORE . . . . . . link.
FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
Rule Outlaws Advance Fees and False Claims, Requires Clear Disclosures
Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.
LOAN MODIFICATION COMPANIES promise the moon, but deliver little to nothing. IMO, if viable relief for homeowners in distress were available, these companies would never have existed with their false promises and free rein to scam the most volunerable.
You've heard the very clever advertisements:
FHA LOAN MODIFICATION - Gives the impression that they are affiliated with FHA, which they are not but might appeal to home owners with an FHA loan.
GOVERNMENT APPROVED LOAN MODIFICATIONS - The appearance of a government affiliation again. Not true, but desperate people are the easiest to persuade.
EXPERIENCED ATTORNEYS offer loan modification - Often the company doesn't even employ an attorney. Then OTOH, many are owned and operated by attornys.
SAVE YOUR HOME WITH MORTGAGE MODIFICATION - That promise makes their phone ring and well trained sales people do the rest.
STOP MAKING YOUR MORTGAGE PAYMENTS is probably the most harmful advice from these scam artists. Bad enough when the mortgage company requires that destructive act before they'll even discuss modification or short sale. Worse when it comes from an entity that has no authority to modify or represent the home owner in distress.
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NOTE: It is not only home owners in distress that are being bomparded by the loan modification ads. MANY HOMEOWNERS WHO ARE "UNDER WATER" are also susceptable to these scams. (Suggested by Paula Hathaway in her comment below). My focus was on the home owners in distress, but Paula is right. Home owners who owe much more than the market value of their home are also getting mailings for loan modification and they hear to radio ads too.
WHAT TOOK THE FTC SO LONG?? Let's see now. We're about 3 years into the mortgage mess and these mortgage modification scam artists have been advertising widely all this time. Attorneys General of many states have been on top of this matter for over a year. HOWEVER, the radio ads cross the state lines and are heard by many home owners in distress. HA! Telephone conversations have no state boundaries either.
BETTER LATE THAN NEVER. We'll see how this turns out. Hopefully it will be more help to the housing industry than the various government programs offering loan modifications which were no more than MISERABLE FAILURES.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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This is a Great Post by Lenn and the 203K loan is a great loan for Buyers that "Can See the Potential". At the right purchase price a buyer can purchase some of these homes at Bargain Basement Prices and then Repair, Fix Up ir improve the home to meet the wants and needs of their family.
Landscaping is mentioned as something that can be included, as a lender, before you try to include this I would suggest you discuss it with your lender because Luxury Items may not be allowable by all lenders.
FORECLOSURES IN MARYLAND? WHAT ABOUT THE CONDITION? MEET THE FHA 203(k) Rehab Loan.
You've seen those foreclosures for sale in Maryland. The question is, CAN YOU SEE THE POTENTIAL?? If you can imagine how you could make repairs and upgrade that home, you are a good candidate for the FHA 203(k) purchase financing.
YOU CAN ROLL THE COST OF REPAIRS into your mortgage loan.
Banks sell their foreclosed properties "AS IS" and will seldom make any repairs. This is why the bank owned properties are often purchased"cash only" by investors with cash to buy the homes outright and then do the "fixing up" after settlement. Investors have benefited greatly by getting good prices on bank owned homes.
YOU CAN BENEFIT BY BUYING A "FIXER-UPPER" TOO with an FHA 203(k) financed rehab purchase.
SOME IMPORTANT POINTS ABOUT THE FHA 201(k) LOAN:
- You can combine the mortgage and home improvement into one fixed-rate loan.
- No need for a second mortgage.
- Sellers are often more willing to negotiate purchase price whan they can sell "as is".
THE STEPS TO BUYING A HOME WITH 203(f) financing are simple:
- Negotiate the lowest price for the property.
- Add the repair cost estimate.
- Get appraisal for "After - Repaired Value"
- Close on your purchase/loan
- Make repairs and the contractor gets paid from the repair escrow held by the lender.
REPAIRS THAT ARE OFTEN INCLUDED IN AN FHA 201(k) REPAIR LOAN.
New Kitchen, Updated Bathrooms, Landscaping, Paint, Carpet or Hardwood Flooring, Lighting, Plumbing, Appliances, Energy Efficient Upgrades to appliances, Windows, Fencing, Roofs, and more, even Room Additions and Garage Additions.
WE CAN HELP?
Homefinders.com will help you find a wonderful home with potential for good value after repairs. We will then coordinate the purchase contract, mortgage financing and repairs.
For more information, contact Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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I believe this article will give some background and insite to what people are calling the "Foreclosure Scandal/Fraud"
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/22/AR2010092206650.html
I ask people to Read the article and then offer their comments if what was being done by the bank was FRAUD or just a very bad business decision.
As more mortgage companies “fess-up” regarding their apparent fraudulent processing of foreclosure documents, the foreclosure scandal has become pandemic. And while the early response from many, including myself, was that this issue would soon be swept under the rug, with no benefit for struggling homeowners, and allowing banks to proceed with foreclosures, the problem has exploded in significance.
Attorneys and state courts around the country have begun to question the manner in which banks have processed thousands of foreclosures each month, and numerous errors have been discovered. Court documents have revealed the casual manner in which foreclosures were often allowed to proceed even while homeowners were allegedly being considered for loan modification and in a few cases when the owner was not in default on their mortgage. Ensuing investigations and testimony have revealed a foreclosure process that lacked proper verification and review by bank officials. The issue is not about “flawed paperwork,” “oversights,” or “errors,” but whether the nation’s largest banks considered themselves above the law.
The foreclosure scandal raises several questions:
What caused this problem to surface? Since most foreclosures aren’t contested, the lack of proper documentation has rarely been an issue. Now, however, with banks needing to process thousands of foreclosures each month, it appears that many ignored the legal requirements and became little more than “foreclosure mills.” Their failure to properly review documents compounded the errors, and the resulting number of homeowners contesting their foreclosures exploded. As attorneys and judges reviewed the practices of these “foreclosure mills,” the entire system has come into question. Ultimately, it appears that banks were treating the foreclosure process as carelessly as they did the original application for a mortgage.
● Why would banks knowingly commit fraud? In order to expedite the initial packaging and sale of the various mortgage instruments that helped create the housing crisis, the mortgage industry more than a decade ago created Mortgage Electronic Registration Systems (MERS), to speed up the transfer of mortgages between financial institutions. Considered by many to be the industry’s first step in ignoring the requirements for the proper transfer of mortgage documents, including the payment of local filing fees; when first established, the actions of MERS were rarely questioned, and the lack of accountability may have emboldened banks to more serious and more blatant violations.
● What are the ultimate ramifications for both the housing market and the overall economy? Regardless of reports to the contrary, many banks, their books still overflowing with “toxic assets,” teeter on the brink of insolvency. If foreclosures are delayed for a significant amount of time, the U.S. could face the very real possibility of another banking crisis, and the potential for another bailout. Additionally, lawsuits will continue for years, making stabilization of the housing market nearly impossible.
● What about the issue of title problems? Some title companies have already announced their refusal to insure title on foreclosed homes. And buyers, concerned about title issues, may simply avoid purchasing foreclosed properties until they are confident that such problems have been resolved. Additionally, those who have recently purchased foreclosed homes may find title to the property clouded by this crisis.
● Who will pay for this mess? While other issues surrounding this controversy are more complex, the answer to this question seems clear. The U.S. taxpayer will almost certainly bear a significant portion of the ultimate costs. With almost all mortgage loans backed by the U.S. government, taxpayers will, once more, be on the hook for government negligence and the banks’ avarice. Whether or not we agree is immaterial; it is far too late to change the rules in this game.
● Will extended delays in foreclosure further damage a fragile housing market? There are more than 2 million homes currently in or facing foreclosure; a moratorium will mean the owner can’t be evicted and the bank can’t sell the home. Then, once a solution is reached—and we can only speculate when that might be—the housing market could face a potential flood of additional inventory. Not only will the market suffer, but there will be millions spent in sorting through the confusion, while defaulting owners are allowed to remain in their homes rent-free. The potential costs are staggering.
● What are the political ramifications of this problem? Nothing of this magnitude comes without political consequences, and the potential in this case could impact both the economy and housing for decades. Politicians will attempt to capitalize on the issue as a means to promote their party’s agenda, and that could impact the ultimate overhaul of Fannie Mae and Freddie Mac and the future of government involvement in home financing.
● How can this problem be resolved? I suspect we’ll have a complete moratorium of foreclosures, whether voluntary or imposed, that will seek to find ways to move ahead with foreclosure, and congress may be pressured to legislate a solution to the problem. With several states having initiated lawsuits against lenders or demanding that foreclosures be temporarily suspended, a national moratorium seems inevitable. At some point, however, foreclosure must take place, and the U.S. taxpayer will pay for the majority of the losses. Rather than creating TARP II, bailing out the banks for a second time, or doing nothing and allowing taxpayers to pick up the bill through Fannie and Freddie, we could finally create a system of meaningful modifications. Doing so would lessen the burden on taxpayers and begin to stabilize the housing market and overall economy. Regardless of the solution chosen, there will be no “free lunch” for anyone; the ultimate choice is just whether we’ll have burgers or bread and water.
What I’m proposing is not a means for homeowners who fail to make mortgage payments to get a “pass,” allowing them to remain in their home without paying, but neither is it a way for banks to ignore the law and the consequences of their reckless lending practices. Banks and their attorneys created the mortgage instruments in question, and they forced borrowers to comply. Those same banks should be compelled to work with homeowners who demonstrate a desire to remain in their homes; and if a solution isn’t possible, they must follow both the spirit and letter of the law when proceeding with foreclosure. Allowing them to do otherwise is to ignore and harm the very legal system intended to offer protections to all of us.
The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s Housing News
Use this post by to nominate your favorite active rain bloggers to be in the top 100 people on Inman's. I did look at last years list and was supprised that none of the names I saw were from Active Rain. Hopefully this year we activily participate in the voting.
Nominate Real Estate's Most Influential right here!
I am pleased to announce that I have voted for our own Jeff Belonger as a Mortgage Industry Leader for 2010 in InmanNews. There are many people here on Active Rain that give information, time and effort to keep all the newest changes at our finger tips on a daily basis.
If you would also like to nominate Jeff Belonger or another member of Active Rain and industry leader, please feel free to do so.
Time is of the essence as they say in real estate and the voting ends on October 1st, 2010.
"You don't have to be a 'person of influence' to be influential. In fact, the most influential people in my life are probably not even aware of the things they've taught me." ~ Scott Adams
© 2007 - 2010 Lyn Sims
Mortgage Rates
4.25% for loans without 2.5% assistance grant*
4.75% for loans with 2.5% assistance grant
4.00% for Ohio Heroes without 2.5% assistance grant*
4.50% for Ohio Heroes with 2.5% assistance grant
4.25% for Grant for Grads 2.5% assistance grant
30-year fixed rate FHA/VA/USDA-RD loans are eligible
2-1 buy downs are permitted, please see the underwriting guidelines for specific product*
Fees
$150 transfer fee to Servicer (US Bank fee)
$ 79 tax service fee (US Bank fee) (not to exceed $90)
1% origination fee
Additional fees maybe apply to certain products
Qualified Borrowers
A First-time buyer is defined as someone who has not owned or had an ownership interest in his/her principal residence within the last three years or is a qualified military veteran.
Not a first-time homebuyer or a military veteran?
Target Area Loan applicants do not have to be first-time buyers.
All buyers must meet certain household income limits
Acreage Limitation
Up to two acres inside a municipal corporation - Up to five acres outside a municipal corporation
(Additional acreage permitted if required by local health or safety code)
Qualified Properties
Existing house: one-unit single-family dwelling and duplex up to four units, please see the Underwriting Guidelines for specific product
Spec/Nearly completed house: one-unit single-family dwelling
Modular/Manufactured house: one-unit single-family dwelling, please see the Underwriting Guidelines for specific product
Properties must meet certain sales price limits
Effective Dates
September 13, 2010 to February 14, 2011 - Origination period: Loans must close during this period.
February 21, 2011- Deliver mortgage file to master servicer by this date.
Note: The recapture tax provision applies to all loans in this program. View this IRS link (http://www.irs.gov/pub/irs-pdf/p523.pdf) for an explanation on recapture of federal subsidy.
Jeff's Post correct some miss information that is circulating about the proposed change in FHA's MIP Premiums. Besides individualsconsidering a home purchase, current Ohio home owners considering refinancing using a FHA Loan or a FHA Streamline, the dates and the higher Monthly MIP should be considered. Interest rates are great right now and It is my opinion that if it makes financial sense to refinance your mortgage now is a great time to do it. FHA has a Streamline Refinance that can allow even homeowners that purchased their home during the housing peak to refinance to a super low rate even if their equity position is negative. What the future holds with interest rates is anyone guess, but if interest rates rise the option of allowing someone to assume a low rate of 4.00% - 4.25% could make your home attractive to potential buyers. In Ohio, give me a call otherwise give a call to one of the other mortgage professionals on ActiveRain.
The President officially signed Bill H.R. 5981 on August 11th, 2010 which became public law. I wrote about the actual changes to FHA loans and how it will affect borrowers as of October 4th, 2010. Please read : Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium
There has been a main problem in regards to the information being supplied since this bill was passed by the Senate, which was on August 4th, 2010. I have read several blogs out on the internet both by AR members and the news media stating that the monthly mortgage increase has been raised to 1.55 basis points. This is correct and incorrect. Read below...
The following summary below was written by the Congressional Research Service.
Yes, congress passed the monthly mortgage insurance to 1.55 basis points. But this is a cap and not the actual amount that FHA is prepared to use on all FHA loans for now. The new monthly mortgage insurance rates will be either .85 or .90 basis points, all depending on the amount of your down payment., which I explained in this post. FHA Mortgages monthly mortgage insurance changes - effective October 4th, 2010 -
But if you read some of these other posts, they don't explain it this way. Some give examples of the mortgage payments of like $167 more a month on a $200,000 mortgage, which is based on 1.55 basis points. If you actually use .90 basis points, that mortgage payment now increases only to $59 more a month. Sorry folks, but that is a huge and misleading difference of $108 a month and could scare possible buyers away if not properly educated about this new change for FHA loans.
Keep in mind though, FHA will not need the approval from Congress to ever change these rates as long as they don't exceed 1.55%.
Another thing, HUD has not released a FHA mortgagee letter as of yet. But FHA did announce this as a press release with a FHA letter. FHA Mortgages - change in mortgage insurance Any and all FHA case numbers assigned on and or after October 4th, 2010 will be subject to these new changes.
3 quick examples :(both examples are putting the minimum down payment of 3.5%)
- On a $275,000 mortgage - the change in payment would be about $70 higher a month
- On a $200,000 mortgage - the change in payment would be about $45 higher a month
- On a $125,000 mortgage - the change in payment would be about $27 higher a month
These FHA Loan changes are the same, no matter what state you reside in.
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For more information on FHA loans, please go to this link. The FHA Expert
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!
For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors
Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc
The following announcement was made today.
STATEMENT BY DEPUTY ASSISTANT SECRETARY VICKI BOTT
Tuesday, August 10, 2010
"Last week, FHA Commissioner David H. Stevens announced plans for implementing FHA's new mortgage insurance premium structure. As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4, 2010.
"Over this past week, the industry responded with support of the new fee structure, but voiced strong concern about having system changes ready in time to meet the original September 7, 2010 deadline. Since these system changes impact regulatory disclosures, lenders expressed they must have the additional time to implement and test systems. FHA took this feedback seriously and has accommodated the need for additional time."
Note:
FHA will lower its upfront premium simultaneously with the increase to the annual premium. FHA's upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years
Dear Home Owners,
Today I spoke with a buyer that owned more on their home and the current value of the home. Because of this, they thought they were unable to refinance and take advantage of today's Low, Low Rates. I was able to:
I was able to do all of this with NO APPRAISAL and No Income Qualification. The only requirements were:
If your current mortgage is an FHA or VA loan, you owe more than $150,000, and your rate of interest is above 5.50%, I would like to talk with you and prepare a quote to you.
In addition, FHA has announced that Effective Sept 6, 2010 they will be changing the way they collect mortgage insurance. There are pros and cons; however, my opinion is anyone planning to keep their mortgage and home more than 4 years are better under the current MIP versus the ones that will take effect Sept 6, 2010.
Sounds "Too Good to Be True", is it worth a Phone call to see?
I welcome the opportunity to talk with you and see if you can reduce your mortgage payment and save money in today's economic times.
Tim Bradford
216-324-8113
TBradford@AMMCorp.net
Ohio MB License 007173.000
National License 250013 (In transition)
** This amount is based upon the number of months of Taxes and Home Owners Insurance are needed in your escrow account to cover future payments.
American Midwest Mortgage has been a Full Service Lender since 1978.
FHA has announced that After Sept 6, 2010 they will be changing the way FHA's MIP (Mortgage Insurance Premium) will be collected. Presently, FHA collects 2.25% of the Loan Amount upfront and can be financed, After that a monthly premium of .50% or .55% (Based upon the LTV) is collected on a monthly basis. Effective Sept 6, 2010 the upfront premium will be lowered to 1.00% however the Monthly premium will increase to .85% or .90% (Based upon the LTV).
With every change there is good and bad. For homeowners or home buyers planning on keeping a mortgage greater than 4 years the current Mortgage Insurance Structure is better. With the New Mortgage Insurance structure homeowners or home buyers can expect their monthly payment to increase about 3%.
In another post I will be promoting borrowers with a Current rate above 5.50% to research the use of a FHA RATE AND TERM STREAMLINE REFINANCE. In that post, I will explain how some home owners can refinance their current home WITHOUT AN APPRAISAL and without NO money out of Pocket.
I believe this is a link to the bill that will bring back USDA Loans. http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04899:@@@X
I am still looking for additional details.
The NAR is reporting. The program allows 30-year originations primarily for low-income families to purchase households or renovate the ones they already own with no down payment at the time of application. Loans are guaranteed by the federal government.
The legislation for Section 502 will have a few changes. It increases the guarantee fee for borrowers to 3.5%, however the fee can also be financed. This will be an increase of 1.5% to the current 2.00%.
Section 502 Rural Housing Services Single Family housing Guaranteed Loan Program, as it's formally called, was originally discontinued because in May because it had exhausted its existing funds of $13.1bn.
Questions,
comments, or suggestions?
Please contact us:
American Midwest Mortgage Corp.
Telephone: 216-324-8113
Updated
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